State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-b

§  187-b.  Alternative  fuels  credit. 1. General. A taxpayer shall be  allowed a credit,  to  be  credited  against  the  taxes  imposed  under  sections  one  hundred  eighty-three,  one  hundred eighty-four, and one  hundred eighty-five of this article. Such  credit,  to  be  computed  as  hereinafter  provided,  shall  be  allowed  for alternative fuel vehicle  refueling property placed in service during the taxable year.  Provided,  however,  that  the  amount  of  such  credit  allowable against the tax  imposed by section one hundred eighty-four of this article shall be  the  excess  of  the  credit  allowed by this section over the amount of such  credit  allowable  against  the  tax  imposed  by  section  one  hundred  eighty-three of this article.    2.  Alternative fuel vehicle refueling property. The credit under this  section for alternative fuel  vehicle  refueling  property  shall  equal  fifty percent of the cost of any such property:    (a) which is located in this state; and    (b)  for  which  a  credit  is  allowed  under section thirty C of the  internal  revenue  code  but  not  including  alternative  fuel  vehicle  refueling  property  relating  to  a  qualified  hybrid  vehicle as such  vehicle is defined in subparagraph (B) of paragraph three of  subsection  (p) of section six hundred six of this chapter.    3.  Definitions.  (a)  The  term  "alternative  fuel vehicle refueling  property" means any such property which is qualified within the  meaning  of  section thirty C of the internal revenue code, but shall not include  alternative fuel vehicle refueling  property  relating  to  a  qualified  hybrid  vehicle  as  such  vehicle  is  defined  in  subparagraph (B) of  paragraph three of subsection (p) of section six  hundred  six  of  this  chapter.    (b) The term "qualified hybrid vehicle" shall have the same meaning as  provided for under subparagraph (B) of paragraph three of subsection (p)  of section six hundred six of this chapter.    4.  Carryovers.  In  no  event  shall the credit under this section be  allowed in an amount which will reduce the tax payable to less than  the  applicable  minimum tax fixed by section one hundred eighty-three or one  hundred eighty-five of this article. If, however, the amount  of  credit  allowable  under  this  section  for any taxable year reduces the tax to  such amount, any amount of credit not deductible in  such  taxable  year  may  be  carried over to the following year or years and may be deducted  from the taxpayer's tax for such year or years.    5. Credit recapture; Alternative fuel vehicle refueling property.  If,  at  any  time  before  the  end of its recovery period, alternative fuel  vehicle refueling property ceases to be qualified,  a  recapture  amount  must be added back in the year in which such cessation occurs.    (i)  Cessation  of  qualification.  Alternative fuel vehicle refueling  property ceases to be qualified if:    (I) the property no longer qualifies as property described in  section  thirty C of the internal revenue code; or    (II)  fifty  percent  or  more of the use of the property in a taxable  year is other than a trade or business in this state; or    (III) the taxpayer receiving the credit under this  section  sells  or  disposes  of  the  property  and  knows  or  has reason to know that the  property will be used in a manner described in this subparagraph.    (ii) Recapture amount. The recapture amount is  equal  to  the  credit  allowable  under this section multiplied by a fraction, the numerator of  which is the total recovery period for the property minus the number  of  recovery  years prior to, but not including, the recapture year, and the  denominator of which is the total recovery period.6. Termination. The credit allowed by subdivision two of this  section  shall  not apply in taxable years beginning after December thirty-first,  two thousand ten.

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-b

§  187-b.  Alternative  fuels  credit. 1. General. A taxpayer shall be  allowed a credit,  to  be  credited  against  the  taxes  imposed  under  sections  one  hundred  eighty-three,  one  hundred eighty-four, and one  hundred eighty-five of this article. Such  credit,  to  be  computed  as  hereinafter  provided,  shall  be  allowed  for alternative fuel vehicle  refueling property placed in service during the taxable year.  Provided,  however,  that  the  amount  of  such  credit  allowable against the tax  imposed by section one hundred eighty-four of this article shall be  the  excess  of  the  credit  allowed by this section over the amount of such  credit  allowable  against  the  tax  imposed  by  section  one  hundred  eighty-three of this article.    2.  Alternative fuel vehicle refueling property. The credit under this  section for alternative fuel  vehicle  refueling  property  shall  equal  fifty percent of the cost of any such property:    (a) which is located in this state; and    (b)  for  which  a  credit  is  allowed  under section thirty C of the  internal  revenue  code  but  not  including  alternative  fuel  vehicle  refueling  property  relating  to  a  qualified  hybrid  vehicle as such  vehicle is defined in subparagraph (B) of paragraph three of  subsection  (p) of section six hundred six of this chapter.    3.  Definitions.  (a)  The  term  "alternative  fuel vehicle refueling  property" means any such property which is qualified within the  meaning  of  section thirty C of the internal revenue code, but shall not include  alternative fuel vehicle refueling  property  relating  to  a  qualified  hybrid  vehicle  as  such  vehicle  is  defined  in  subparagraph (B) of  paragraph three of subsection (p) of section six  hundred  six  of  this  chapter.    (b) The term "qualified hybrid vehicle" shall have the same meaning as  provided for under subparagraph (B) of paragraph three of subsection (p)  of section six hundred six of this chapter.    4.  Carryovers.  In  no  event  shall the credit under this section be  allowed in an amount which will reduce the tax payable to less than  the  applicable  minimum tax fixed by section one hundred eighty-three or one  hundred eighty-five of this article. If, however, the amount  of  credit  allowable  under  this  section  for any taxable year reduces the tax to  such amount, any amount of credit not deductible in  such  taxable  year  may  be  carried over to the following year or years and may be deducted  from the taxpayer's tax for such year or years.    5. Credit recapture; Alternative fuel vehicle refueling property.  If,  at  any  time  before  the  end of its recovery period, alternative fuel  vehicle refueling property ceases to be qualified,  a  recapture  amount  must be added back in the year in which such cessation occurs.    (i)  Cessation  of  qualification.  Alternative fuel vehicle refueling  property ceases to be qualified if:    (I) the property no longer qualifies as property described in  section  thirty C of the internal revenue code; or    (II)  fifty  percent  or  more of the use of the property in a taxable  year is other than a trade or business in this state; or    (III) the taxpayer receiving the credit under this  section  sells  or  disposes  of  the  property  and  knows  or  has reason to know that the  property will be used in a manner described in this subparagraph.    (ii) Recapture amount. The recapture amount is  equal  to  the  credit  allowable  under this section multiplied by a fraction, the numerator of  which is the total recovery period for the property minus the number  of  recovery  years prior to, but not including, the recapture year, and the  denominator of which is the total recovery period.6. Termination. The credit allowed by subdivision two of this  section  shall  not apply in taxable years beginning after December thirty-first,  two thousand ten.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-b

§  187-b.  Alternative  fuels  credit. 1. General. A taxpayer shall be  allowed a credit,  to  be  credited  against  the  taxes  imposed  under  sections  one  hundred  eighty-three,  one  hundred eighty-four, and one  hundred eighty-five of this article. Such  credit,  to  be  computed  as  hereinafter  provided,  shall  be  allowed  for alternative fuel vehicle  refueling property placed in service during the taxable year.  Provided,  however,  that  the  amount  of  such  credit  allowable against the tax  imposed by section one hundred eighty-four of this article shall be  the  excess  of  the  credit  allowed by this section over the amount of such  credit  allowable  against  the  tax  imposed  by  section  one  hundred  eighty-three of this article.    2.  Alternative fuel vehicle refueling property. The credit under this  section for alternative fuel  vehicle  refueling  property  shall  equal  fifty percent of the cost of any such property:    (a) which is located in this state; and    (b)  for  which  a  credit  is  allowed  under section thirty C of the  internal  revenue  code  but  not  including  alternative  fuel  vehicle  refueling  property  relating  to  a  qualified  hybrid  vehicle as such  vehicle is defined in subparagraph (B) of paragraph three of  subsection  (p) of section six hundred six of this chapter.    3.  Definitions.  (a)  The  term  "alternative  fuel vehicle refueling  property" means any such property which is qualified within the  meaning  of  section thirty C of the internal revenue code, but shall not include  alternative fuel vehicle refueling  property  relating  to  a  qualified  hybrid  vehicle  as  such  vehicle  is  defined  in  subparagraph (B) of  paragraph three of subsection (p) of section six  hundred  six  of  this  chapter.    (b) The term "qualified hybrid vehicle" shall have the same meaning as  provided for under subparagraph (B) of paragraph three of subsection (p)  of section six hundred six of this chapter.    4.  Carryovers.  In  no  event  shall the credit under this section be  allowed in an amount which will reduce the tax payable to less than  the  applicable  minimum tax fixed by section one hundred eighty-three or one  hundred eighty-five of this article. If, however, the amount  of  credit  allowable  under  this  section  for any taxable year reduces the tax to  such amount, any amount of credit not deductible in  such  taxable  year  may  be  carried over to the following year or years and may be deducted  from the taxpayer's tax for such year or years.    5. Credit recapture; Alternative fuel vehicle refueling property.  If,  at  any  time  before  the  end of its recovery period, alternative fuel  vehicle refueling property ceases to be qualified,  a  recapture  amount  must be added back in the year in which such cessation occurs.    (i)  Cessation  of  qualification.  Alternative fuel vehicle refueling  property ceases to be qualified if:    (I) the property no longer qualifies as property described in  section  thirty C of the internal revenue code; or    (II)  fifty  percent  or  more of the use of the property in a taxable  year is other than a trade or business in this state; or    (III) the taxpayer receiving the credit under this  section  sells  or  disposes  of  the  property  and  knows  or  has reason to know that the  property will be used in a manner described in this subparagraph.    (ii) Recapture amount. The recapture amount is  equal  to  the  credit  allowable  under this section multiplied by a fraction, the numerator of  which is the total recovery period for the property minus the number  of  recovery  years prior to, but not including, the recapture year, and the  denominator of which is the total recovery period.6. Termination. The credit allowed by subdivision two of this  section  shall  not apply in taxable years beginning after December thirty-first,  two thousand ten.